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In 2007, ASAP Rocky joined the ASAP Mob crew, a Harlem-based collective of rappers, producers, music video directors, fashion designers, and bikers who shared similar interests in music, fashion, style, and art. It had been formed by ASAP Yams, ASAP Bari and ASAP Illz. ASAP was an acronym for "Always Strive and Prosper". On July 8, 2011, an unofficial compilation titled Deep Purple was released,[ which according to Rocky, was a compilation of his YouTube hits compiled by a fan in Paris.

In August, Rocky's debut single "Peso", was leaked online and within weeks received airplay on the high-profile Hot 97 New York radio station. After he released a music video for his song "Purple Swag", he received attention from several record labels. In October, he released the mixtape Live. Love. ASAP to critical acclaim and signed a two-year, $3 million record deal with RCA Records and Polo Grounds Music. Upon his record deal, Rocky started a label, ASAP Worldwide, with ASAP Yams. On December 5, he was nominated for BBC's Sound of 2012 poll.